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5.5 Mortgage Rate Seen As A Possibility

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Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Richard, I couldn't get any busier.

Interesting article, Julio. One question it brings to mind is "what if rates continue to go down, but the general economy still does not improve?" Could we possibly get into the same kind of situation as Japan? Probably not; still, it is worrisome.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Japan only lost +/- 50% of real property value even at the worst dip, and has made back much of thier loss in the last several years... it was a long haul though.

Fannie anticipates max of 7% losses, with more probable 3% which may still result in a perception of appraiser redundancy or 'un-neccessity'

(is that a word? :) )

Yup if it goes to 5.5 batten down the hatches, even with AVMs and such, its going to be a wild ride. All those 7's who have been holding off will jump at once.... 8O
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Yup if it goes to 5.5 batten down the hatches, even with AVMs and such, its going to be a wild ride. All those 7's who have been holding off will jump at once.... 8O

That would be me. :lol:
Several of my regular clients have mentioned that they have lists of people who are expecting them to call and seal up new deals if it gets that low. They're thrilled but terrified too. Kinda like us appraisers. :?
Hope it's not like last year. Our family photo in front of the Christmas tree tells the story. I looked like death warmed over...glazed eyes, drooling on myself and propped up by my sons and husband. I barely remember the holiday at all. :(
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Somewhere Thought it was on this Forum I thought I saw something about TOUGHER Rules in Febuary 2003 concerning Refinacing anyone else see it? Now the other Refinance problem. What about homes that were VALUED a little high the last time APPRAISED?? Now comes an Appraisal Forum Appraiser OH The Bit***n & complaining. Who gets to tell them oh your home has dropped similar to your 401K ??
 

jtrotta

Senior Member
Joined
Jan 16, 2002
LeeAnn

we don't have ta looks at Japan, just tweek back to the late 80's to late 90's - props here dropped 20-40%; but the rebound has been all that and more :?:

I thinks a lot of us will be on the refi trail at; 5.5% - all it would do is compensate the Tax increases we seen here in New England over the last few years. We used to get a 10 year spread, now they've cut it back to a 5 year term :evil: Haven't tightened the Political belt at all, they just keep on spending :twisted:


8)
 
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